Posted by mwm143 on 4/28/11 2:49pm
Msg #381638

Too good to be true streamline refis.....

Seems Chase refis are the bulk of my business these days. And you hear the same thing from the leary borrowers.. "Is this a scam? Why would Chase offer to refinance my loan and pay all the closing costs?" and so on.

Well it seems there has been some changes in the verbiage of these new loan documents whereby the borrowers are no longer protected under the anti-deficiency laws should a foreclosure take place. And Chase is telling folks they're getting a great deal because they're so valued as customers!! I'm certain WF and BoA have the same new verbiage.

Reply by MW/VA on 4/28/11 3:39pm
Msg #381642

"there has been some changes in the verbiage of these new

loan documents whereby the borrowers are no longer protected under the anti-deficiency laws should a foreclosure take place." What's that about? I haven't heard anything like that. Care to elaborate?

Reply by NJW/FL on 4/29/11 9:14am
Msg #381718

Re: "there has been some changes in the verbiage of these new

Yes, please do elaborate on this subject. I am very interested to hear.....

Reply by ReneeK_MI on 4/29/11 9:36am
Msg #381725

Is it possible to circumvent a state's law

just by SAYING you are? That's what I'd love to see answered, I guess. It would be one thing if it only applied (un-applied?) to those "strategic defaults" (people who can afford their pymts, but choose to walk away, usually due to loss of equity) - at least that wouldn't really seem predatory on the part of the lender.